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You have your idea and you have your pitch deck. You knock on some doors, pitch the idea, and even though your pitch deck looks stunning, the investor is not sure about the idea. They want to see the transactions first. What a bummer!
This is the number one “reason” for rejection that entrepreneurs face at the very beginning of the funnel. Want to understand the depths of this rejection with an insider tip? The reason your brilliant idea doesn’t seem too exciting to early-stage investors is that you haven’t validated it yet. How can you validate it without developing the product? Here’s how: Talking to your potential customers/users.
In this blog, the Decktopus team wants to deep dive into talking to early customers and upgrade your pitch even more! From preparing a survey to sharing the survey, we covered everything you need to know!
#1 Prepare your questions
Preparation is the best skill entrepreneurs have. First, write down the problems you solve. Don’t forget these are just assumptions. Try to create questions that will lead to answers to those questions. Be careful not to have yes/no answers. Questions must be open-ended and answers should have mostly experience and pain points. If you need some inspiration to prepare a survey check out the survey we prepared for you.
#2 Don’t pitch
Ironically, pitching your ideas before you ask questions to validate the idea is the number one mistake entrepreneurs make. Of course, they will say things you want to hear; of course they want to buy your product for 99$. The suggestion is that this time try to get comfortable with the person you talk to and create an environment that they can share their true experience without having the tension of breaking your heart.
#3 Poker face mode: ON
Story matters! So during the conversation make sure you talk less and listen more. If you are explaining what the answers could be, you will get biased answers that will lead to very bad results. Make sure you have a poker face and use your gestures only when the conversation is stuck.
#4 One-on-One is best but it’s risky
Unfortunately, the pandemic creates a high risk to go meet in public. The best way to have a virtual meeting (and if you cannot reach your audience) try to have a virtual survey to share in groups with high member counts.
#5 Ask for an introduction
Your network is limited and the people around you probably know what you are doing. However each time you have a conversation with someone you can ask for an introduction to a new person. That’s how you increase the number of people you talk to and just because they meet with you at such an early stage they will have empathy with you when you launch! Here it is your very first potential customer. Embrace it.
#6 Analyse
Just like in other fields, in entrepreneurship you have to analyze the answers and pivot your questions or even the idea! Make sure you have at least 150 people you talk to that will give you a very good understanding of your audience and it will give a very good impression on angel investors.
Yes, you’ve guessed it! We have a survey too. Make sure you fill out the survey to support the content and community team and help us improve your Decktopus experience.
Some articles for inspiration:
- How to Make the Best Startup Pitch
- Course Creation 101: How to Create a Successful Course
- Presentation Template Series 2: Airbnb Pitch Deck
Also make sure to check out our social media accounts to get daily insights about presentations, public speaking and inspirational quotes:
Yes, you’ve guessed it! We have a survey too. Make sure you fill out the survey to support the content and community team and help us improve your Decktopus experience.
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